SINGAPORE (Nov 15): The trustee-manager of RHT Health Trust has declared a 2Q18 DPU of 1.14 cents, down 6.5% from the DPU of 1.22 cents declared in 2Q17, on the back of higher costs from refinancing-related activities and higher interest costs.
RHT is a business trust with an initial portfolio comprising of healthcare assets in India.
Total revenue grew 4.9% to $23.9 million, contributed by the contractual annual increase in base fee, payable by its operator, Fortis Healthcare. Net service fee and hospital income increased 6.4% to $13.4 million in line with the increase in total revenue over the same period. Total distributable income for 2Q was $9.6 million.
Meanwhile, RHT’s trustee-manager says it has received an unsolicited offer from Fortis Healthcare for the entire portfolio of assets, for a cash consideration of INR46,500 million ($966 million).
RHT’s current portfolio comprises interests in 12 RHT clinical establishments, four greenfield clinical establishments and two operating hospitals throughout India, which were valued at $1.12 billion as at March 31 after adjusting for the disposal of 51% economic interests in Fortis Hospotel.
RHT’s trustee-manager is an indirect wholly-owned subsidiary of Stellant Capital Advisory Services which is a wholly-owned subsidiary of Fortis Healthcare, a key integrated healthcare delivery service provider in India with a leading presence in hospital business and diagnostics.
Units in RHT are trading 10.5% or 8.5 cents higher at 89.5 cents.
